RALEIGH, N.C. (7/19/13)--State Employees' CU (SECU) in Raleigh, N.C., is offering two member-friendly initiatives--the credit union's Non-Sufficient Funds (NSF) and Overdraft Fee Free Days--which has saved its one million checking accountholders more than $3.5 million in fees in the first five months of 2013.
"SECU's NSF and Overdraft Fee Free Days represent the credit union's commitment to providing true consumer value and keeping our members' best interests first," said Jennifer Hamrick, SECU senior vice president of support services. "As a cooperative, the credit union works hard to develop programs that will encourage the financial success of its membership."
SECU already offers its members a very low $12 NSF fee. The most common NSF fee at credit unions is $30, compared with $35 at banks, Bankrate reported in March.
With NSF Fee Free Days, SECU waives all NSF fees incurred on two separate days during the calendar year. If a member miscalculates and several checks/debits present with no account funds or traditional overdraft funds available, SECU returns the items, but waives the fees on the first two days of occurrence.
The waivers help to alleviate some of the financial burden on members, said the $25.1 billion asset credit union.
Similarly, SECU's Overdraft Fee Free Days provide all checking accountholders enrolled in its no-cost-to-enroll Overdraft Protection Program with an automatic benefit of waiving overdraft transfer fees for two days in the calendar year. Overdraft funds will still be transferred from the protecting account to cover the items, but the minimal transfer fee of 50 cents per transaction is not applied. Since the program began five months ago, SECU has waived nearly 700,000 overdraft/NSF fees.
While the fee-free programs are tied to traditional checking accounts, SECU also offers a CashPoints Global (CPG) controlled-spending account with electronic-only access through a CPG card. There are no checks, and transactions are limited to the available funds in the account, so there is no risk of overdraft or NSF fees.
SECU's base share account is another alternative to avoid NSF/overdraft fees and is accessible through the credit union's more than 1,100 statewide no-surcharge CashPoints ATMs.